TORONTO, ONTARIO -- (Marketwired) -- 08/16/13 -- Adex Mining Inc. ("Adex" or the "Company") (TSX VENTURE: ADE) is pleased to announce the results of its annual and special meeting of shareholders held on August 13, 2013 in Fredericton, New Brunswick.
The shareholders re-elected Norman Betts, William Burton, Joseph Ying Kit Lau, Linda Lam Kwan, Yan Kim Po and Joe Kin Foon Tai to serve as members of the Board of Directors. The shareholders also re-approved the Company's rolling stock option plan and re-appointed PricewaterhouseCoopers LLP as the Company's auditors. Mr. Yan will serve as the Chairman and Dr. Betts will serve as the Lead Independent Director of the Board of Directors. Mr. Yan also will continue to serve in the position of Interim President and Chief Executive Officer.
As at June 30, 2013, the Company had cash and cash equivalents of approximately Cdn$1.9 million. The Company is considering possible sources of additional financing to be used for additional work on the Mount Pleasant Mine project.
As of August 16, 2013, the Company had contracted with several consulting and engineering companies to provide services and studies to complete a pre-feasibility study and environmental permitting approval for the purposes of a possible production decision in relation to the Fire Tower Zone (the "FTZ"). The value of contracts signed to date is approximately Cdn$1.5 million.
The Company also is in discussions with several China-based smelting companies to process the tungsten and molybdenum concentrate that may be produced from the FTZ.
The Company is continuing to search for a Chief Operating Officer.
Mr. Yan stated that, "I am pleased that, over the past year, the Company has made significant progress with the Mount Pleasant Mine project. I am confident about the future prospects of Adex. We will continue to work to move the project forward and to proceed to the commencement of production as soon as possible. I want to thank the shareholders of Adex and the Government of New Brunswick for their ongoing support".
Adex Mining Inc. is a Canadian junior mining company with an experienced management team. The Company is focused on developing its flagship Mount Pleasant Mine Property, a multi-metal project that is host to promising tungsten-molybdenum and tin-indium-zinc mineralization. Located in Charlotte County, New Brunswick, the Mount Pleasant Mine property is 80 kilometres south of Fredericton, the provincial capital, and 65 kilometres from the United States border. The common shares of Adex trade on the TSX Venture Exchange under the stock symbol "ADE".
No securities commission or regulatory authority has approved or disapproved the contents of this press release.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Certain statements in this press release may constitute "forward-looking" statements which involve known and unknown risks, uncertainties and other factors which may cause actual results, performance or achievements of Adex, its subsidiary or the industry in which they operate to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. When used in this press release, the words "estimate", "believe", "anticipate", "intend", "expect", "plan", "may", "should", "will", the negative thereof or other variations thereon or comparable terminology are intended to identify forward-looking statements. Such statements reflect the current expectations of the management of Adex with respect to future events based on currently available information and are subject to risks and uncertainties that could cause actual results, performance or achievements to differ materially from those expressed or implied by those forward-looking statements. These risks and uncertainties are detailed from time to time, including, without limitation, under the heading "Risk Factors", in reports filed by Adex with the Alberta, British Columbia and Ontario Securities Commissions which are available at www.sedar.com and to which readers of this press release are referred for additional information concerning Adex, its prospects and the risks and uncertainties relating to Adex and its prospects. New risk factors may arise from time to time and it is not possible for management to predict all of those risk factors or the extent to which any factor or combination of factors may cause actual results, performance and achievements of Adex to be materially different from those contained in forward-looking statements. Although the forward-looking statements contained in this press release are based upon what management believes to be reasonable assumptions, Adex cannot assure investors that actual results will be consistent with these forward-looking statements. Given these risks and uncertainties, investors should not place undue reliance on forward-looking statements as a prediction of actual results. The forward-looking information contained in this press release is current only as of the date of the press release. Adex does not undertake or assume any obligation to release publicly any revisions to these forward-looking statements to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events, except as required by law.
Adex Mining Inc.
Yan Kim Po
Chairman, Interim President and Chief Executive Officer
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